The official delegation from Abu Dhabi arrived in Tel Aviv on September 5, 2022 as initiatives continue to be developed, following the historic Abraham Accords signed between the two nations, in 2020.
The delegation included Abu Dhabi Global Market (ADGM), Abu Dhabi Fund of Development, Mubadala, Mubadala Energy, ADNOC, Abu Dhabi Securities Exchange, The Health Authority – Abu Dhabi, Abu Dhabi Investment Office, AIQ – an Abu Dhabi-based AI and cloud computing company, Department of Culture and Tourism, Abu Dhabi Chamber, Hub71 and First Abu Dhabi Bank.
The delegation “represented a reinforced platform for leading Abu Dhabi entities and top Israeli companies” to explore business prospects, and drive strategic bilateral relations, ADGM said in a statement.
During the two days, the delegation participated in a joint business forum co-organised by the Tel Aviv Stock Exchange (TASE) and ADGM.
The forum witnessed several high-profile business leaders from Israel, along with thought leaders and top executives from publicly traded companies.
The forum, conducted with “an aim to build on the UAE-Israel economic corridor,” also saw the participation of top institutional investors and other capital market participants enriching the networking events and sessions.
The recent delegation saw the signing of three milestone MoUs on September 6, 2022 to explore and enable various business opportunities in the financial spectrum “that promote close and wide partnerships between both jurisdictions,” the statement said.
The MoUs saw the presence of Mohamed Al Khaja, the UAE Ambassador to Israel and ADGM chairman, Ahmed Jasim Al Zaabi.
The MoUs were signed between ADGM and Start-up Nation Central Ltd, ADGM Academy and Avnon Group Middle East and ADGM Office of Data Protection and The Israeli Privacy Protection Authority (IPPA).
“I hope to see the leading companies in both countries build on the strong foundations in place, including our CEPA trade agreement, to cooperate and forge business ties and create fresh ventures reaching new markets,” Al Khaja said, adding, this will “create jobs and drive further economic growth for the benefit of all Israelis and Emiratis.”
“With the exploration of abundant business opportunities, the existing UAE-Israel economic corridor has already topped $1 billion according to estimates by the UAE-Israel Business Council. The projected growth for 2022 is said to be $2 billion,” Al Zaabi added.
UAE and Israel’s governments have followed up with another landmark agreement through the signing of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022, focusing on the advancement of bilateral trade beyond $10 billion in 5 years and adding 1.9 billion to the UAE’s GDP by 2030.
“ADGM aims to further leverage the synergies between the respective jurisdictions across the high potential areas such as fintech and entrepreneurship, as well as each jurisdiction’s progressive regulatory frameworks, to facilitate mutual growth,” the statement said.
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